Digital magazine store, Magzter, has raised a US$10 round of Series B funding, which is led by a wholly-owned subsidiary of Singapore Press Holdings (SPH) and its existing investor Kalaari Capital.
The two-year-old company currently has more than 16 million users from more than 200 countries, and offers an international portfolio of titles to users in more than 30 languages.
Vijayakumar Radhakrishnan, president, Magzter. said “This Series B funding will be used for our plans to further expand our business by offering new services, content types and enter new geographies. We are truly excited about this new investment from SPH and Kalaari and we believe both publishers and consumers will benefit from our future expansion plans.”
Deborah Lee, executive vice-president, Corporate Development, SPH, said: “Investing in Magzter is an opportunity for us to enter into another new platform for content delivery and is part of our strategy to enhance content creation and distribution.”
Girish Ramdas, CEO, Magzter said, “Magzter has become a global leader in digital magazines and the investment from SPH and our existing investor Kalaari is perfectly in line with our expansion plans since SPH is a regional powerhouse and a significant player in the global publishing industry. With this new investment we look forward to growing to be the number one digital reading destination in the world!”